Malaysia seeks more high-quality investments from S. Korea

KUALA LUMPUR: Malaysia is seeking for more high-quality investments from South Korea, especially in areas of automation, green technology and robotics, said Deputy International Trade and Industry Minister Dr Ong Kian Ming today.

He said more joint-ventures between local and South Korean companies would be sought to help Malaysia move up the global value chain.

“I understand that the (South Korean) Ambassador is very keen on more cooperation in the area of Industry 4.0, and I am sure there are more exciting announcements to come in the very near future,” he said when officiating the launch of the 2018 Corporate Social Responsibility (CSR) Award Ceremony and CSR forum here today.

The event was hosted by the South Korean Embassy in Malaysia.

Ong said that bilateral trade between Malaysia and South Korea increased 9.2 per cent year-on-year to RM65 billion in 2017 and would likely increase further this year due to the strong presence of South Korean companies in Malaysia.

“To-date, there are approximately 259 South Korean companies operating in Malaysia and I believe that many more will come in the near future.

“The strong presence of South Korean businesses in Malaysia is a reflection of the good investment climate and ecosystem offered as part of the regional and global supply chain,” he added.

Meanwhile, Ong told Bernama the ministry would continue to monitor the ongoing US-China trade conflict to determine if there would be any effect on Malaysia’s trade position.

The deputy minister said currently, no signs of a slowdown in Malaysia’s trade vis-a-vis the two countries could be seen, and the ministry will continue to monitor the situation and adjust its policy as needed.

“We have an ongoing discussion on (our) trade and economic relationship with China for the next five years, from 2019 to 2024. This will take into account any possible impact of the US-China trade war, in terms of how we want to craft our strategy on economic relations with China moving forward,” he added.

In July 2018, the Ministry of International Trade and Industry established a task force to assess the developments on the US-China trade conflict and to formulate strategies to mitigate the impact of trade protectionism.

Source: Bernama